Telefnica Digital has brought in mobile money specialist Monitise to help develop new mobile payment and commerce services, starting in the UK.
Telefnica Digital, owner of the O2 brand, wants to take full advantage of a market which analyst IDC forecasts could be worth a trillion dollars by 2017.
Under the terms of the "multi-year" Telefnica Digital agreement, Monitise will complement existing technology partners, taking a lead role in the "development of a global technology platform to support payment and mobile commerce services".
The initial focus of the partnership will be in the UK, although no details about services have been released.
Monitise already provides its Bank Anywhere, Pay Anyone and Buy Anything product range to merchants and banks.
Telefnica Digital chief executive Matthew Key said: "Monitise shares our vision of delivering simple, convenient and secure mobile payments and commerce services to consumers.
"They are the ideal partner to help us take our capabilities in this area to the next level, continuing to bring high quality services to our customers."
Monitise announced in March a three-year deal with Visa Europe to develop and deploy mobile money payments and commerce solutions for Europe's leading financial institutions.
Visa Europe predicts that by 2020 half its transactions will be via mobile.
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